Best Thread Live Cable Trading

[wasp]

wtf? from 291 to 255 in 30 secs????

BOE minutes Zuke

 

[ChowClown]

Exactly, I'd rather wait until both the Frankfurt and London open are underway to stand a better chance of getting in on the main trend of the day. Frankfurt opens at 6am our time, then London at 7am. The VEBO orders are calculated from the 8am open, this allows time for the main trend of the day to develop, if a trending day is in store that is.

I haven't backtested just taking into account the Frankfurt open.

 

[ChowClown]

...and short VEBO stopped in on the news spike @ 8247.8

 

[Baruch]

Yes, a good strategy. But Frankfurt starts trading one hour before London as far as I know. Have you backtested how your method would work if you started 6.00GMT instead of 7.00 GMT?
PS. I can't understand why Hans first starts 8.00 GMT.

Chow,

And one more thing: the weak point in your system are the news. I trade my own version of Big Ben, and when it's time for major news, I close my position or place a close stop. If it's go my way, it's good - if it goes against me, I'm out. Why fight the news, when they can make a 40-50 pips move in 30 seconds like we just saw with BOE Minutes? PS. Remember US CPI 12.30 GMT. This could be a big mover.

 

[zuke]

BOE minutes Zuke

Curses!! wasnt on my economic calendar for some reason.

 

[Baruch]

Curses!! wasnt on my economic calendar for some reason.

zuke,

Use (also) this:

http://www.dailyfx.com/story/calend...Economic_Calendar_For_Week_1152891888783.html

 

[wasp]

On metatrader they have a news section which only gives the headlines in the demo (full stories with live account) but very useful all the same to keep abreast of the reasons behind such spikes, and to get the figures immediately. Which is nice.

 

[ChowClown]

Chow,

And one more thing: the weak point in your system are the news. I trade my own version of Big Ben, and when it's time for major news, I close my position or place a close stop. If it's go my way, it's good - if it goes against me, I'm out. Why fight the news, when they can make a 40-50 pips move in 30 seconds like we just saw with BOE Minutes? PS. Remember US CPI 12.30 GMT. This could be a big mover.

....the volatility around news gives a significant boost to the overall performance of this method, in testing. I agree though, if i were using a less mechanical method, i'd tighten stops around releases.

 

[zuke]

Morning all. I am currently:

10 lots
LONG 261
Stop 234
Targets 295 (2 lots), 316 (2 lots), 350 (3 lots), 405 (3 lots)

First Target hit, so scaled out 2 lots for +34. Stop moved to break even, so now a free trade. I am now:

8 lots
Long 261
Stop 261
Targets 316 (2 lots), 350 (3 lots), 405 (3 lots)

 

[dc2000]

when they can make a 40-50 pips move in 30 seconds like we just saw with BOE Minutes?

IMO you would have to be very brave and fast to trade a move like that ( unless you were looking to fade the spike )

 

[Offshore Trader]

At the risk of stating the obvious, the key to any serious move by Cable is 1.2480/1.2510 range in EUR/USD .A break of either should produce a decent move

 

[Baruch]

Exactly, I'd rather wait until both the Frankfurt and London open are underway to stand a better chance of getting in on the main trend of the day. Frankfurt opens at 6am our time, then London at 7am. The VEBO orders are calculated from the 8am open, this allows time for the main trend of the day to develop, if a trending day is in store that is.

I haven't backtested just taking into account the Frankfurt open.

Just to be sure: 6am "our time" is 5.00GMT? Are you sure Frankfurt opens so early? And London already 6.00 GMT?

 

[jonnyy40]

With that callendar,remember to add an extra hour to GMT.Don't know why they get it wrong.

 

[zuke]

zuke,

Use (also) this:

http://www.dailyfx.com/story/calend...Economic_Calendar_For_Week_1152891888783.html

thanx mate

 

[Baruch]

Just to be sure: 6am "our time" is 5.00GMT? Are you sure Frankfurt opens so early? And London already 6.00 GMT?

I don't know about the British, and we all know that the Germans are hard workers, but I don't think the Garman traders starts trading forex one hour before Bunds starts trading. I think they start 6.00 GMT (like the Bund-market) and London 7.00 GMT.

 

[Offshore Trader]

Just to be sure: 6am "our time" is 5.00GMT? Are you sure Frankfurt opens so early? And London already 6.00 GMT?

If we are talking about when traders are normally at their desks as being the "open" then I think GMT/BST is irrelevant. Also remember the vast majority of European FX is transacted in London, including most German banks. In my exerience from when I traded fx for banks the "open" can be considered to be 7 a.m., as the clock in the UK shows i.e. GMT in the winter, BST in the summer

 

[ChowClown]

The Frankfurt open is 7am CET, so 6am BST. London currently opens at 7am BST. It will be 7am GMT once the clocks go back in the Autumn.

 

[dc2000]

At the risk of stating the obvious, the key to any serious move by Cable is 1.2480/1.2510 range in EUR/USD .A break of either should produce a decent move

Not quite the keys to a serious move are 1.2522 and 1.2464

 

[ChowClown]

Morning,

Today's VEBO orders:

BUY: 8299.8
SL: 8254.8
TP: 8449.8

SELL: 8247.8
SL: 8292.8
TP: 8094.8

SELL stopped out for -45. Order 're-armed'.

 

[Ripcord]

Trading Times

Just to clear up the confusion with the opening market times.

I'll just deal with UK local time which is currently GMT+1

Frankfurt opens at 7AM UK time and London at 8AM UK time.

In the winter it's exactly the same 7AM and 8AM UK time but we move back to GMT.

It never changes!